Con Ed. Ch. 5-7

Government order prohibiting trade.

The point at which demand equals supply.

Social science that examines how societies use scare resources.

The quantity of a particular product that producers are able and willing to make available for sale.

A tax where everyone pays the same rate is a...

Organization that is owned by many people but treated by law as a single entity separate from its owners.

Tax on imports

Cost of one currency expressed in terms of another.

The quantity of a particular good or service that consumers are willing and able to buy at a given price.

A tax takes a larger percentage of the income of low-income people than high-income people is...

Interest rate banks pay to the Fed when they borrow money.

Difference between the value of a nations exports and imports.

The Fed attempts to control the money supply to...

Which of the following is NOT a purpose of taxation?

Which of the following statements describes the relationship between exchange rates and trade?

The amount by which spending exceeds revenue.

Which of the following economic indicators can be used to measure the health of an economy.

A measure of the efficiency with which goods and services can be produced.

According to the Law of Supply....

The practice of spending more money than was received in revenue.

A product sent to a foreign country for sale.

General, prolonged rise in the price of goods and services.

The central bank of the United States is called the...

This occurs if a country spends more on imports than it receives for exports.

Which of the following is a role of the government in the US economy?

A required payment to a local, state, or national government.

An estimate of anticipated income and expenses for a certain period of time.

Period of significant decline in the economy - short time period.

A government limit on the quantity or value of a certain imported product.

An accounting of all financial transactions that involve other countries during a particular time period.

A product brought in for sale from a foreign country.

Monetary policy refers to...

A major economic slowdown.

The branch of economics that focuses on large scale economic systems like nations or the world is...

The percentage of a bank's deposits that it must keep on hand is the...

Why do nations trade?

The ups and downs of the economy.

The benefit principle of taxation says...

According to the Law of Demand...